Lima Arizona Exclusive License Agreement is a legal document that establishes a partnership between Iowa State University Research Foundation, Inc. and emerge Interactive, Inc., granting emerge Interactive exclusive rights to certain technologies or inventions discovered and developed by Iowa State University Research Foundation in the Lima area of Arizona. This agreement aims to protect intellectual property rights and ensure a mutually beneficial relationship between the two parties. The Lima Arizona Exclusive License Agreement provides emerge Interactive with the right to utilize, market, and commercialize the licensed technologies within the specified geographical boundaries. This agreement serves as a means of transferring technological advancements from the research foundation to emerge Interactive for further development or commercialization. Key terms and conditions of the Lima Arizona Exclusive License Agreement may include: 1. Exclusive Rights: emerge Interactive gains exclusive rights to the licensed technologies in the Lima area of Arizona. This means that no other person or entity can utilize or commercialize the licensed technologies within the specified boundaries. 2. Royalties and Payments: The agreement typically establishes the financial terms, such as royalty rates or upfront payments, that emerge Interactive must provide to Iowa State University Research Foundation in exchange for the exclusive license. 3. Diligence Requirements: The agreement may specify certain obligations that emerge Interactive must fulfill to ensure the technologies are effectively developed, marketed, and commercialized. These obligations may include milestones, development timelines, or performance benchmarks. 4. Intellectual Property Protection: The agreement addresses intellectual property ownership and protects both parties by outlining the necessary steps to safeguard the licensed technologies against infringement or unauthorized use. It's important to note that there may be different types of Lima Arizona Exclusive License Agreements between Iowa State University Research Foundation, Inc. and emerge Interactive, Inc. These agreements can vary in scope, field of technology, or duration of exclusivity based on the specific technologies licensed and the parties' mutual interests. Examples of potential variations could include: 1. Technology-Specific Exclusive License Agreement: This type of agreement focuses on granting an exclusive license for a specific technology or invention developed by Iowa State University Research Foundation within the Lima area of Arizona. 2. Field-Specific Exclusive License Agreement: In certain cases, the agreement may limit exclusivity to a specific field, industry, or market segment within the Lima area. This allows to emerge Interactive to exclusively utilize the licensed technologies in a particular sector. 3. Time-Limited Exclusive License Agreement: Some agreements may establish an exclusivity period, after which the license becomes non-exclusive or can be extended under mutually agreed-upon terms. In summary, the Lima Arizona Exclusive License Agreement between Iowa State University Research Foundation, Inc. and emerge Interactive, Inc. protects the intellectual property rights of Iowa State University Research Foundation while granting emerge Interactive exclusive rights to develop and commercialize certain technologies in the Lima area of Arizona.